"Kim Man-bae, Who Had a Bright Face in Detention Center, Why Did He Attempt Extreme Choice?"

Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management, is entering the courtroom to attend the trial related to the lobbying and preferential treatment allegations in the Daejang-dong development project at the Seoul Central District Court on the 9th. Photo by Heo Young-han younghan@

[Asia Economy Reporter Kim Hyung-min] Kim Man-bae, the major shareholder of Hwacheon Daeyu Asset Management (Hwacheon Daeyu) and a key figure in the Daejang-dong development project corruption case, reportedly attempted an extreme act on the 14th, drawing attention to the background of this incident. It appears inevitable that this will also affect future prosecution investigations and related trials.

According to the legal community on the 15th, Kim is currently receiving treatment at Ajou University Hospital. The day before, he self-inflicted multiple stab wounds to his neck and chest with a sharp weapon inside his car. He later contacted his lawyer, who reported to emergency services (119) around 9:50 PM that Kim had attempted an extreme act. It is known that Kim avoided fatal injuries and his life is not in danger.

The sudden choice by Kim has elicited reactions of "unexpected" among the legal community and his close associates. It is said that since his detention on November 4 last year and incarceration at Seoul Detention Center, his expression had been relatively bright. He adapted well to detention life and reportedly slept well. He maintained close relations with detention center staff and sometimes showed smiles. His expression was stable even when attending trials at the Seoul Central District Court. The psychological change seems to have occurred after his release on the 24th of last month due to the expiration of his detention period. The most plausible theory is that he felt considerable pressure as the prosecution accelerated investigations targeting Kim’s assets.

The Anti-Corruption Investigation Division 1 of the Seoul Central District Prosecutors’ Office (Chief Prosecutor Eom Hee-jun) filed arrest warrants on the same day for Lee Han-seong, co-CEO of Hwacheon Daeyu, and Choi Woo-hyang, director of Hwacheon Daeyu and former vice chairman of Ssangbangwool Group, on charges of concealing criminal proceeds related to Kim. The prosecution had previously arrested them on the 13th. Lee and Choi are accused of withdrawing profits from the Daejang-dong project by check and hiding them, falsifying accounting records, and purchasing real estate under false names, concealing approximately 26 billion KRW. The prosecution believes they attempted to evade seizure or confiscation by investigative authorities. An interior contractor named Kim, who colluded with them, was also arrested but released after questioning. However, the prosecution still suspects that he assisted in money laundering by inflating interior costs and returning the money to Kim.

It is reported that Kim Man-bae was under significant mental pressure after three of his close associates were arrested by the prosecution. He reportedly hinted at extreme choices to those around him, expressing guilt that innocent acquaintances were suffering because of him.

Kim is expected to undergo investigation and trial only after his health recovers. Attention is focused on whether his attitude, which had denied all charges against him, will change. Kim has not sided with former Seongnam Urban Development Headquarters Director Yoo Dong-gyu and lawyer Nam Wook, who have testified in court that part of the dividends and money from the Daejang-dong development project were delivered as election funds to Lee Jae-myung, leader of the Democratic Party of Korea. He is also reported to deny charges of concealing criminal proceeds.

This content was produced with the assistance of AI translation services.